China Financial News

Apple is offering rare discounts in China, including on its latest iPhones, in a bid to beat back growing competition in the high-end market from rivals. The tech giant is running a promotion from Thursday through Sunday in China in which it is cutting the price of iPhones by the equivalent of up to $70. Other products will be discounted by up to $110.

Santosh Rao, Partner, Head of Research, Manhattan Venture Partners, says “the world has realised that being China-centric is not really good. It is not a good practice, not a good strategy. So they are diversifying out of China. Even if China was not slowing down, just for geopolitical tensions and all that, people have realised that China is not the place to rely on in the long run. India is going to be the biggest beneficiary of that coming out. Investments are going to flow out of China. And that is a huge thing that is playing out in the markets.” Are you surprised the way the entire global narrative has changed? We are talking about rate cuts this year? Santosh Rao: Yes. I think a lot depends on two or three things that are going to determine the US market. Of course, the disparity between what the market is expecting and what the Fed will do. Originally five or six cuts were priced into the market, and that was the enthusiasm coming into the year. But I think now after all the Fed governors have come out and said it clearly, and also seeing the CPI data, the last CPI data that came out the Fed is not going to do five or six cuts. It is probably going to do two, at best three if inflation comes down fast.

De Beers made one of the steepest cuts to its diamond prices in years, as the world’s top producer tries to revive gem sales after the market ground to a halt.

Tesla Inc. had a blockbuster 2023, as its shares more than doubled in 12 months, but 2024 is starting on a different note, with Elon Musk’s electric-vehicle maker off to its worst start to any year — ever.

Also Read: China may be losing its sway over Taiwanese business The deliberations underscore efforts by President Xi Jinping’s government to shift spending responsibility from debt-laden local officials to central authorities in support of an economy that is struggling to maintain momentum. Rigid deflationary pressures, the ongoing property crisis and weak domestic demand are all weighing on activity and suppressing confidence, prompting calls among economists and investors for further stimulus.

One of the world’s most valuable battery startups is raising $3.4 billion in debt from the European Union and a group of banks including JPMorgan Chase, accelerating a race to build more batteries outside China and take advantage of a tidal wave of clean-energy subsidies. Europe’s Northvolt plans to use the funding to grow battery production at a factory in northern Sweden for customers such as Volkswagen and BMW. It also plans to expand a recycling facility next door that will convert scrap metal and old batteries into reusable battery materials.

Investing.com — European stock markets fell Tuesday on concerns that interest rates will remain high for longer than expected, while the annual World Economic Forum in Davos continued. 

President Mohamed Muizzu requested the removal of Indian military personnel from the island nation by March 15, 2024. In a post on X (formerly Twitter), Pitti claimed some users accused his company of instigating the India-Maldives standoff. "Here is a brief history: Nov 2023, President of Maldives won election on plank of "India Out" campaign.

Rapid economic growth, stable monetary policies, and a boom in credit have raised the purchasing power of India's wealthiest over the past decade. The number of Indians with annual earnings exceeding $10,000 has soared from 24 million in 2015 to 60 million, now constituting 4.1% of the nation's population, a Goldman Sachs report on Friday said. The significant increase in the value of financial and physical assets in the past three years is what has powered this new affluence.

Indian stocks are trading near their most expensive levels against battered Chinese peers, underscoring a growing divergence in investor preference between the two emerging market leaders. The MSCI India Index trades at a 157% premium over the China gauge on valuations based on forward earnings estimates, just 3 percentage points short of the record reached in October 2022, according to data compiled by Bloomberg. India — long dubbed the “next China” — has emerged as an investor favorite, aided by solid earnings and a booming consumer market. It’s ascent came on the back of a sluggish Chinese market, where problems ranging from rivalry with the US and deflationary pressures led to a third annual decline in the MSCI China gauge.

Investing.com-- Most Asian stocks fell on Tuesday, with Japan’s Nikkei 225 retreating as investors locked-in profits from a stellar rally, while focus turned to key upcoming economic indicators from China.

Investing.com-- Most Asian currencies retreated on Tuesday, while the dollar advanced as traders remained largely risk-averse before more cues on when the Federal Reserve could begin cutting interest rates.

Ukrainian President Volodymyr Zelenskyy is headlining a frenzied first full day of the World Economic Forum’s annual meeting in the Swiss ski resort of Davos

Chinese law enforcers say they have shut down a gang that was using digital yuan wallets to launder money.

At least $1 trillion of government securities traded daily in the most populous nation and biggest democracy is poised to become the darling of international investors when India this year joins the benchmark for emerging-market debt compiled by JPMorgan Chase & Co. India's entry following Russia’s exclusion after Vladimir Putin's 2022 invasion of Ukraine (and 2014 seizure of Crimea) and when China's sovereign debt is losing its luster, will make Asia's third-largest economy a beneficiary of as much as $40 billion of inflows during the next 18 months, according to Goldman Sachs Group Inc.

₹8.3 lakh per year can afford luxury cars, a quick pace of upward mobility spells optimism over big-ticket purchases ahead. If Mercedes logged sales in 2023 that amount to 87% of its annual capacity of 20,000 units, as reported, it would need to scale up local assembly soon. Where EV models figure in its new roll-out mix may depend on the carmaker’s supply outlook.

OnePlus 12 and OnePlus 12R smartphones on January 23. The Buds 3 feature a 10.4mm composite diaphragm driver and come with up to 44 hours of battery life. The OnePlus TWS are IP55 rated and come with support for LHDC 5.0 audio and Bluetooth 5.3.

China are finding no easy options when it comes to shifting production to cheaper centres elsewhere. Six years ago, monopoly maker Hasbro approached Indian durable goods and aerospace supplier Aequs to sub-contract.

Betavolt, claims to have developed a groundbreaking battery that can power smartphones for an impressive 50 years without the need for charging. The nuclear battery, which has been hailed as the world's first miniaturized atomic energy system, uses 63 nuclear isotopes packed into a module smaller than a coin. The technology behind the battery involves converting the energy released by decaying isotopes into electricity. This concept was first explored in the 20th century and Betavolt has successfully realized it in their innovative product. The startup has already initiated pilot testing and plans to mass-produce the battery for commercial applications, such as smartphones and drones.

Investing.com-- Oil prices moved little in Asian trade on Tuesday as traders awaited more developments in the Middle East, while a string of key economic readings due this week also kept markets on edge.

Udaan’s valuation has fallen by nearly half to around $1.8 billion in a down round, marking one of the most precipitous drops for a startup that has raised over $1 billion, people aware of the matter said. Bengaluru-based Udaan was last valued at $3.2 billion following a funding round in January 2021.